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PayPal to launch business in Russia

Moscow, Aug 3 : Online payment company PayPal plans to start business in Russia with a $25 million investment and open its first office in Moscow soon, a media report said Wednesday.

"There are rumours that this fall, the five largest Internet companies will search for key employees in Russia," head of Pruffi recruitment agency Alyona Vladimirskaya said on her Facebook page, mentioning PayPal and eBay, its parent company.

PayPal plans to open a small office in Moscow in late fall or early winter, and eBay is considering various plans for operating in Russia, Vedomosti business daily quoted an official at a company that advised PayPal. Auction payments will be done through PayPal which is holding talks with DHL and other postal services.

PayPal was unavailable for comment.

Russia is one of the largest and fastest-growing payment markets in the world, Digital Money Association Chairman Viktor Dostov told the paper.